Massive XRP Transfers Between November 27 and 28
XRP, the sixth-largest cryptocurrency by market capitalization, witnessed significant transfers during November 27 and 28. According to blockchain monitoring tool Whale Alert, two large transactions occurred during this period, amounting to approximately 44 million XRP. These transfers involved moving substantial amounts of XRP from major cryptocurrency exchanges to unknown wallets, often signaling whale accumulation or preparations for over-the-counter (OTC) activities.
Details of the Large Transactions
The first transaction on November 27 involved a transfer of 18,783,349 XRP (valued at approximately $27.2 million) from the Binance cryptocurrency exchange to an unknown wallet.
Shortly after, another transaction occurred, moving 25,000,000 XRP (worth approximately $36.6 million) from the Upbit exchange to another unknown wallet.
What Do These Transfers Indicate?
Transfers of XRP from exchanges to unknown wallets often suggest that institutional investors or whales are accumulating tokens for long-term holding. Such moves also typically reduce liquidity on exchanges, which can be interpreted as a bullish signal. Alternatively, these transactions could simply represent a reallocation of funds.
XRP Price Action on November 27 and 28
Between November 27 and 28, the price of XRP rose by 3.29%, reaching $1.46. This growth is likely supported by the overall bullish sentiment in the cryptocurrency market, where bitcoin recently surpassed the $98,000 mark.
Despite a recent decline of over 17% after hitting a multi-year high of $1.63, XRP continues to maintain its weekly and monthly gains. Over the past week, XRP has risen by 29%, while monthly gains have reached nearly 180%, marking its best month since April 2021.
Key Levels for XRP
Support: If XRP’s price declines, the $1 level could act as short-term support. A deeper retracement might push the price back to $0.85.
Resistance: If the current upward momentum holds, XRP could aim for the psychological milestone of $2.
The cryptocurrency market is closely watching whether XRP can sustain its current momentum or if further corrections are ahead.
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